SBI introduces VRS 2020 scheme for employees: Eligibility, salary, other benefits

State Bank of India, the country’s largest bank , has planned a voluntary retirement scheme (VRS) to optimise bank resources such as human resources and costs of the bank, according to news agency PTI. As perr report.

All permanent employees who have put 25 years of service or completed 55 years of age on the cut-off date will eligible for the scheme. It will open on 1 December and contunue till the end of February. The applications for VRS will be accepted during this period only as per the report.

Around 30,000 employees are be eligible for VRS.

“The staff member whose request for retirement under VRS is accepted will be paid an ex-gratia amounting 50% of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months’ last drawn salary,” the report said. Other benefits like gratuity, pension, provident and medical benefits will be given to employees seeking VRS.

‘Second Innings Tap VRS-2020’, the proposed scheme “will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank,” news agency PTI reported.

A staff member retired under the scheme will be eligible for engagement or re-employment in the bank after a cooling-off period of two years from the date of retirement, the bank added.

In 2001 also such VRS scheme was announced by the bank with the objective to optimise human resources.